West Virginia argus. [volume] (Kingwood, W. Va.) 1877-1946, 1887-05-12
COMMERCIAL REVIEW,
EFFECT OF THE INTERSTATE
LAW.

extraordinary Confidence In n large
Number or Towns-Corner I'm
Wheat Checking Ekports-Thc
Enormous supply OF Money.
H. G. Dunn & Co sweekly trade review
says:-The feature OF the business reports for
the past week is the enormous increase re-
ported at many Western points. In that
section the Interstate act, though checking
trade Mt some important points, seems
10 have produced n feeling OF extraor-
binary confidence in much larger
number Of towns. Other causes, particular.
~ tho speculation in real estate and the net
lVity In building, contribute TO swell trans.
actions surprisingly. AZ Cincinnati clearings
show an increase OF 30 per cent over last
year; at st. Louis, lG per cent, and at Chi.
cago, IA, but ST. Paul and San Francisco TO
port gains OF 43 per cent, Memphis, St Jo-
seph and Peoria exceeding 80 per cent, In
dianapolis and Denver, nearly so per cent.
Omaha lO2 per cent, and Wichita 10 per
cent. Apart from land trading and new
building, other business has been remarkably
active throughout that region Denver notes
an increase in the yield OF precious metals; ,
Cincinnati and Milwaukee distinct improve
ment in trade and collections, and the supply
OF money seems everywhere ample. AtMem-
phis the activity noted is mainly in real
estate and building.
GENERAL BUSINESS
Eastern cities do not find a corresponding
Increase in trade. At Philadelphia OK
changes show little increase. Large amounts
Of capital arc going thence to the West on
mortgage loans. The boot and shoe business
still improves, but wooden manufacture is de
pressed by slow demand for goods, and sew
crai New England mills have stopped or re-
duced time. The high prices being paid for
new wool at the West, it is claimed, will
make profitable manufacture impossible for
many. The dry goods market is quiet
though prices are well maintained. In the
grocery trade there is much complaint OF
dnllncss, and sugar has yielded a shade
spice aud tea being dull and molasscs steady.
In spite OF active speculation I'm coffee the
demand for consumption Is limited. Rail
road earnings give proof that, while traffic is
large, the increase falls far short of reported
gains in the volume of business at the West.
Reports OF railroads for April, so far, show
an averge increase of II per cent. in gross
earnings over last year. Wheat exporting is
checked by n corner in near options, which
has advanced the price SIC. Cotton futures
for June are also cornered, and have ndvanc-
ed &c. Besgemer iron is 80 to 75c. lower al
Pittsburgh; sales of bar at &C. arc not unusual
at Philadelphia, and there are reports OF
large sales OF pig at a concession, while some
rail mills are open for orders at $3S Already
967 miles OF railroad have been completed
against G52 10 date last year, and new securi.
ties are offered in largo variety and large
amount, but tho uncertain prospect as TO
rates, and respecting the decisions of the In
terstnte Commission, affects investments in
stocks, though prices have improved little.
ABUNDANT MONEY THE CAUSE.
The enormous supply Of money goes far to
explain tho situation. Not only has the
Treasury added about 81, 927 600 to the circu.
lution In April, but the abundance and cheap
ness OF money in London are clearly felt
here. Undoubtedly large amounts of foreign
capital are seeking employment here in in.
dustrios or in real estate loans, because of the
inadequate demand abroad. While thi,
state Of things continues, and crop prospect,
grow moro favorable, tho season of specula,
ton and expansion in trade and industry /,
not likely to meet n reaction.
Tho business failures during tho last seven
days number for tho United States 1853. and
for Cannda ~, n total OF lS2, against 10l last
week, and l92 for the corresponding week Of
last year.